NOV to buy Grant Prideco for $7.4 billion

Oil & Gas Investor,  February, 2008  by Anonymous

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National Oilwell Varco Inc.. Houston, (NYSE: NOV) plans to acquire Grant Prideco Inc., Houston, (NYSE: GRP) for approximately $7.4 billion in cash and debt.

National oilwell will pay $23.20 in cash and 0.4498 share per Grant Prideco share, a 22% premium based on the closing prices on Dec. 14. National oilwell shareholders will own approximately 86% of the combined company, which will have a market capitalization of approximately $32 billion. National oilwell will fund the deal from cash on hand and from debt issuance.

National Oilwell president and chief executive Pete Miller says. "We ...

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